Lahore: Media Times Limited has announced a significant resolution notice under Section 140 (2) of the Companies Act, 2017, as reported on October 9, 2026. The resolution, proposed by First Capital Securities Corporation Limited, which holds a 22.51% stake in Media Times Limited, is set to be reviewed by shareholders in a meeting scheduled for October 28, 2026. The company seeks ratification and approval of transactions conducted with related parties for the fiscal year ending June 30, 2026, and pre-approval for those planned for the fiscal year ending June 30, 2027.
According to the proposal, shareholders will be asked to pass special resolutions concerning the ratification of past related party transactions disclosed in the financial statements for the year ended June 30, 2026. Additionally, the authorization will be sought for the Chief Executive of the company to execute and approve all future transactions in the ordinary course of business with related parties for the upcoming financial year.
The necessity for this shareholder approval stems from the inability of the company's board to form a quorum for approving these transactions. This issue arises due to the majority of directors having interests in the transactions because of their common directorships and shareholdings in the associated companies. As a result, the resolution is being placed before members for their consideration and approval.
The transactions in question require board approval on a quarterly basis, following the Listed Companies (Code of Corporate Governance) Regulations, 2019. However, due to the conflict of interest, this process could not be completed, necessitating shareholder involvement. The resolution also includes a proposal for shareholders to authorize the Chief Executive Officer to manage related party transactions in the coming year, adhering to the policy already sanctioned by the board.
According to information available from the Pakistan Stock Exchange (PSX), the matter is of particular interest to stakeholders in the designated market category as it involves substantial governance and procedural compliance under the prevailing corporate laws. The resolution, if approved, will streamline the approval process for related party transactions, ensuring that the company remains in compliance with regulatory requirements while aligning with shareholder interests.